Market Research Report
Home Security Systems
|Home Security Systems|
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 663 Pages
Delivery time: 1-2 business days
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Global Home Security Systems Market to Reach US$68.2 Billion by the Year 2026
A home security system is designed to safeguard a home against intrusion from burglars or other people with malicious intensions, and can monitor flood, fire or other environmental threats that may damage a home. The demand for home security systems is witnessing a rapid growth. The scenario is therefore creating demand for highly sophisticated security solutions like access control systems, IP-based video surveillance, digital CCTVs and remote-monitoring solutions. Demand is also driven by the low penetration rate of home security systems in the US, which is estimated at around only 17% of the total US homes. This factor, coupled with the $2500 average value loss per burglary, presents increased opportunities for home security systems. Technological developments also ensure that building security systems became affordable to suffice the budgetary requirements of consumers across the board. The present generation of home security solutions offers unparalleled connectivity, control and accessibility, and more importantly enable homeowners to remotely access a wide range of features using a PC or a smartphone. The growing popularity of smart security systems is also largely attributed to their innovative features such as remote arming and disarming, viewing of stored video clips of various events, accessing of household appliances and monitoring of movements even when away from home to name a few.
Amid the COVID-19 crisis, the global market for Home Security Systems estimated at US$50.2 Billion in the year 2020, is projected to reach a revised size of US$68.2 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Video Surveillance Systems, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$28.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Access Control Systems segment is readjusted to a revised 5.2% CAGR for the next 7-year period. This segment currently accounts for a 17.8% share of the global Home Security Systems market. Video Surveillance involves the process of monitoring the activity and behavior of individuals, a group of individuals, and/or machines for the purpose of managing, directing, influencing or protecting them. Strong demand for networked cameras drive growth in the Video Surveillance Systems segment. The growing demand for smart locks drives growth in the Access Control Systems segment. Smart locks are electromechanical locks designed to automatically lock and unlock a door through commands from an authorized device or an authentication PIN, have come to the fore offering a new generation door locking system. The access control solution monitors multiple usage of a card at locations that does not permit its usage.
The U.S. Market is Estimated at $16.9 Billion in 2021, While China is Forecast to Reach $7.4 Billion by 2026
The Home Security Systems market in the U.S. is estimated at US$16.9 Billion in the year 2021. The country currently accounts for a 32.7% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$7.4 Billion in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$8.1 Billion by the end of the analysis period.
Entrance Control Systems Segment to Reach $8.9 Billion by 2026
In the global Entrance Control Systems segment, USA, Canada, Japan, China and Europe will drive the 4.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.6 Billion in the year 2020 will reach a projected size of US$7.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$798.6 Million by the year 2026.
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